Remuneration - powers of managing director, Business Law and Ethics

Remuneration:

            Article 108 provides that "a managing director shall receive such remuneration (whether by way of salary plus commission or may participation in earnings, or partly in one condition and partly in another) as the directors may determine". Here it was explained in Craven-Ellis v Cannons Ltd that, unless the articles provide otherwise, a managing director would be entitled to remuneration payable on a quantum meruit basis in respect of services rendered to the company, in those cases whether the directors had not fixed his remuneration at the time of his appointment. No such payment would however be made if the articles, like Article 108, contain specific provisions pertaining to the payment of remuneration. This is illustrated by Re Richmond Gate Property Co Ltd in that it was held that the phrase "as the directors may determine" meant that the managing director would be entitled to no remuneration unless and until the directors actually decided it. A payment on a quantum meruit would be inconsistent with the express provisions of the articles regarding payment of remuneration.

Posted Date: 1/12/2013 5:06:17 AM | Location : United States







Related Discussions:- Remuneration - powers of managing director, Assignment Help, Ask Question on Remuneration - powers of managing director, Get Answer, Expert's Help, Remuneration - powers of managing director Discussions

Write discussion on Remuneration - powers of managing director
Your posts are moderated
Related Questions
what are the business organisation of objecetive

Reduction of Capital:   4.1 The general rule is that it is illegal for a company to reduce its capital. This is so because such a reduction would be tantamount to reducing

INTERNATIONAL TRADE LAWS The laws controlling and regulating International trade have become one of the fastest growing areas of international law. International trade laws conce

The below is a scenario in which I have to make an IRAC for (not sure if you know what that is) but read the scenario and see if "Faye" is able to leave legally without ramificat

QUESTION 1 (a) What are the various alternatives that exist to settle a dispute besides going to court (b) What are their respective advantages and disadvantages QUESTIO

Silcraze City Council owns and operates a Gym. It charges $20 per month as membership fees. On the Gym Membership Card it is written that the Cardholder has the right to use all th

Define the term - bliss point A country's bliss point is the outcome of monetary growth rates that gives that country its highest possible level of welfare. The bliss point fo

QUESTION (a) What do you understand by the term misconduct in employment law. How does the English definition of misconduct differs from the French definition of misconduct?

(a) How will you plan to establish your own business? (b) What are the merits and demerits in owning a business? (c) What are the aspects you have to think in establishing an

Which two fundamental treaties that provide substantive law Agency Statute The International Atomic Energy Agency Statute 1957 (IAEA) and the Nuclear Non-Proliferation Treaty 1